The administrators for Quinn Insurance have accused previous management of being "unsophisticated" in running the insurer.

Barrister Bernard Dunleavy told the High Court that Quinn's motor book pricing was "far less sophisticated" than other insurers of its size.

Administrators Grant Thornton also noted that Quinn had no in-house actuary for several years, according to the Irish Independent.

Quinn turned a profit of €14m for the first three months of 2011.

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